Staples Responds To Office Depot Shareholders Approval Of Acquisition By Staples

(RTTNews) - Staples Inc. (SPLS) issued a statement in response to the vote by Office Depot (ODP) shareholders approving the acquisition by Staples.

"We're pleased that Office Depot shareholders have overwhelmingly approved this transaction. The combined company will allow us to provide more value to customers and more effectively compete in a rapidly evolving environment," said Ron Sargent, Chairman and Chief Executive Officer, Staples.

Staples recently received clearance for the transaction from regulatory agencies in New Zealand and China. The company is working closely with regulatory agencies to seek outstanding antitrust clearances and expects the transaction to be completed by the end of the year.

In February, Staples had agreed to acquire all outstanding shares of Office Depot in a cash and stock deal. The transaction valued Office Depot at an equity value of $6.3 billion.